Which method of inventory costing is not acceptable for financial accounting purposes?
A) Specific identification
B) FIFO
C) LIFO
D) Retail cost

Question

Quizplus · Accepted Answer

Retail cost method is not acceptable for financial accounting purposes as it is primarily used for estimating ending inventory for interim reporting purposes, and not for actual valuation of inventory. Specific identification, FIFO, and LIFO are all acceptable methods for inventory costing in financial accounting.

Which Method of Inventory Costing Is Not Acceptable for Financial